Chinese Nanjing creates a fund for 1.5 billion …
China’s Nanjing sets up $ 1.5bn fund to invest in blockchain projects
The capital of the Chinese province of Jiangsu, Nanjing, has decided to start investing in projects using the public blockchain and in the token economy in general. For this, a special investment fund of 10 billion yuan ($ 1.5 billion) will be created, writes CCN.
Nanjing is setting up this fund with the Zhongguancun Blockchain Industry Alliance of government research institutions and blockchain companies. The Alliance announced its initiative at the first IPCS Summit (Industrial Public Chain Summit). The summit, among other high-ranking officials, was attended by Luo Kun, Deputy Secretary General of the Chinese Communist Party.
China is taking a very curious approach to cryptocurrencies and blockchain. Less than a year ago, all ICOs were banned in China, and more recently, the Chinese government has confirmed its position on this issue, promising to do the same with foreign ICOs. However, the Chinese authorities are now collaborating with the blockchain alliance to develop the local token economy and public blockchain projects..
The first two projects that will receive investment from the fund are the UDAP Foundation and TokenX Community. UDAP intends to create a platform for decentralized assets where users can tokenize their assets, and the purpose of the TokenX Community is not clear yet.
Nanjing not only plans to fund blockchain projects, but also wants them to move to its territory. China is currently the world leader in the number of patent applications for blockchain technologies – last year there were 225, the United States comes second with 91.
Chairman of the Zhongguancun Blockchain Industry Alliance Yuan Dao believes there will be more technological breakthroughs as new blockchains are created and blockchain spreads across industries..
In addition, attending the summit, Wang Xiaohai, Vice Chairman of the Center for Internet Industry Research at Tsinghua University, agreed that the fusion of blockchain technology with various industries – as well as consensus, global cooperation and autonomy – will become the pillars of a healthy and successful token economy..
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